1. A cost become Zero with no production is?
a. Zero Cost
b. Nil Cost
c. Variable Cost
d. All of above
Answers
Answer:
d) All of above
Explanation:
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Explanation:
1. According to ICMA London, _______costing is “that form of specific order costing, which
applies where work is undertaken to customers’ special requirements.”
a. Job
b. Batch
c. Process
d. Standard
2. A method of costing applied where costs are collected and accumulated for each work order
a. Process costing
b. Contract costing
c. Operating costing
d. Job costing
3. Which of the following statements is not true about job costing?
a. Production always against customers’ orders
b. Cost of each job ascertained separately
c. Job is of equal or longer duration compared to contracts
d. Job work is labour intensive
4. Which is a method of specific order costing?
a. Job costing
b. Process costing
c. Output costing
d. Service costing
5. The process of ascertaining cost after incurring expenses is called
a. Marginal costing
b. Historical costing
c. Absorption costing
d. Standard costing
6. Which technique of costing uses analysis of variances is a popular method for cost control?
a. Absorption costing
b. Marginal costing
c. Uniform costing
d. Standard costing
7. _____ is the practice of charging all direct costs to operations, processes or products and
writing off all indirect costs to Profit and Loss account.
a. Direct costing
b. Absorption costing
c. Marginal costing
d. Historical costing
8. The processes of charging both fixed and variable to operations, processes or products is
called _____
a. Marginal costing
b. Historical costing
c. Absorption costing
d. Standard costing
9. Which technique of costing differentiates between fixed and variable cost to analyse effect of
changes in volume or type of output on profit?
a. Marginal costing
b. Historical costing
c. Absorption costing
d. Standard costing
10. For recording the cost of each job, a job _____ is prepared.
a. Profit & loss a/c
b. Cost sheet
c. Reconciliation stateme